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Boston Scientific to cut 1,400 positions

Boston Scientific announced today 1,400 positions will be cut to streamline operations.

The news comes the same day that the company reported a nearly 50 percent increase in profit for the quarter ending June 30.

In a conference call with investors, Boston Scientific's chief financial officer Jeff Capello said the staffing reduction is part of a larger restructuring effort aimed at reducing annual operating expenses by up to $275 million.

"We expect some of these savings to be reinvested in targeted areas necessary for future growth, including our priority growth initiatives and the commercial side of emerging markets, including the new investment in China we announced yesterday," Capello said.

He also said the medical device maker will shed jobs through employee attrition and layoffs.

Boston Scientific is based in Massachusetts but employs some 5,000 people in Minnesota. It is yet unknown how many of the cut positions will come out of the company's Minnesota workforce.